The Globe and Mail reports in its Thursday, Oct. 20, edition that Magna International has scrapped plans to move out of its headquarters in Aurora, Ont., to a new head office in King City. The Globe's Greg Keenan writes that the lease on the Aurora property has been extended to 2022 by Magna's landlord, Granite Real Estate Investment Trust. Magna said the extension of the lease provides it with "an opportunity to monitor the macro-economic conditions impacting the automotive industry and to continue evaluating our future needs." The original plan was to consolidate the corporate head office and head offices of Magna companies in one location that would also house a research and development centre. Magna was scheduled to move into the new head office by the end of next year. Granite said the headquarters in Aurora is one of three properties near Toronto that Magna was expected to vacate. The combined annual rents for the three properties will amount to $6.5-million, it said. Granite said the extension of the head office lease is among changes affecting 15 properties, which account for 7.5 million square feet, or 25 per cent of the income-producing portfolio the company holds.